Your rental property is at risk. Maybe not now, but in the near future, you could face property damage, the need to rebuild, or an angry tenant/guest filing a lawsuit against you. What do you do? Don’t get too sweaty; this is why you have landlord insurance! The problem? Most landlords have coverage that BARELY protects their properties when something goes wrong, leaving their entire portfolio vulnerable just to save a few dollars. This is a HUGE mistake and could cost you far more than you know.
To help demystify the world of rental property insurance, we brought on Christian Bachelder from The One Brokerage and Darren Pettyjohn, co-founder of Proper Insurance. Together, these two policy powerhouses discuss the BEST ways to protect your properties, the unknown risks that so many rental property investors aren’t aware of, and the common mistakes rookies make when choosing a rental property insurance policy.
But that’s not all. Christian and Darren will give you the exact questions to ask your insurance agent/broker, uncover why umbrella policies are a MUST in this business, and explain why big insurers are leaving high-risk states like California and Florida. This discussion could save you hundreds of thousands, if not MILLIONS when something goes wrong at your property!
In This Episode We Cover
The most common mistakes rookies make when getting landlord insurance
CRUCIAL questions to ask your agent BEFORE you buy a policy
Umbrella insurance vs. LLC protection and which is a better bet for investors
The three most important parts of your insurance quote and numbers to pay attention to
Short-term rental property insurance and why AirCover just won’t cut it
Renters insurance and the unbelievably cheap protection it provides tenants
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Submit Your Real Estate Rookie Question!
Find Insurance For Your Rental Property
The BiggerPockets Guide to Landlord Insurance
Rookie Reply Episode 296
Richer v. Travelers Case
Connect with Christian & Darren:
Christian's BiggerPockets Profile
Christian's Instagram
Christian's Email
Darren's BiggerPockets Profile
Darren's Website
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-307
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
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282: Rookie Reply: Should I Switch Markets? (Why You're NOT Finding Deals)
281: Making $1,200/Month from ONE Rental After Bouncing Back from a BAD Deal w/Michael Yi
280: How to Buy a Rental Property with NO Money OR Credit w/Pace Morby
279: Making $71K on ONE DEAL After 5 Failed House Flips and Six-Figure Debt w/JP Desmet and Aaron Bihl
278: Rookie Reply: Finding Comps, Estimating Rehab Costs, and Filling Vacancies
277: Leaks, Surprise Rehabs, and the Reality of Buying Your First Rental Property w/Sara Plaisted
276: How to Get Into Commercial Real Estate Investing (For Beginners)
275: From $40K Debt to 4 Doors and Six-Figure Net Worth (In 1 Year!) w/Mike Larson
274: Rookie Reply: Inheriting Tenants, Getting Pre-Approved, and Raising Rent
273: Making $100K in 18 Months with “Misfit” Medium-Term Rentals w/David Rosenbeck
272: Rookie Reply: How to Get a DEEP DISCOUNT on Properties with Back Taxes
271: $900K in Real Estate at Age 17 by Doing What 99% of Teenagers Won't w/Ava Yuergens
270: Rookie Reply: Airbnb Arbitrage, Turnkey Rentals, and When to Use a HELOC
269: Rookie to Real Estate Investor: College Rentals, Airbnbs, & Plumbing Problems
268: Rookie Reply: Seller Financing, Squatters, and Is Becoming an Agent Worth It?
267: 24 Units in 2 Years by Making Your Rentals Match the Market w/Andrew Freed
266: Rookie Reply: Unpermitted Renovations, House Hack Profits, and Frozen Pipes
265: Making $90K/Year with Just ONE Rental by Combining Compassion and Cash Flow w/Devana Came & Reid Stadelman
264: Rookie Reply: Building vs. Buying and Avoiding Capital Gains on a Sale
263: Rookie to Real Estate Investor: House Offer Accepted! Now What?
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